Female Institutional Directors on Boards and Firm Value
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Female Institutional Directors on Boards and Firm Value

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Female Institutional Directors on Boards and Firm Value

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dc.contributor.author Pucheta Martínez, María Consuelo
dc.contributor.author Bel Oms, Inmaculada
dc.contributor.author Olcina Semepre, Gustau
dc.date.accessioned 2019-05-24T11:58:51Z
dc.date.available 2019-05-24T11:58:51Z
dc.date.issued 2016
dc.identifier.uri https://hdl.handle.net/10550/70293
dc.description.abstract The aim of this research is to examine what impact female institutional directors on boards have on corporate performance. Previous research shows that institutional female directors cannot be considered as a homogeneous group since they represent investors who may or may not maintain business relations with the companies on whose corporate boards they sit. Thus, it is not only the effect of female institutional directors as a whole on firm value that has been analysed, but also the impact of pressure-resistant female directors, who represent institutional investors (investment, pension and mutual funds) that only invest in the company, and do not maintain a business relation with the firm. We hypothesize that there is a non-linear association, specifically quadratic, between institutional and pressure-resistant female directors on boards and corporate performance. Our results report that female institutional directors on boards enhance corporate performance, but when they reach a certain threshold on boards (11.72 %), firm value decreases. In line with female institutional directors, pressure-resistant female directors on boards also increase firm value, but only up to a certain figure (12.71 % on boards), above which they have a negative impact on firm performance. These findings are consistent with an inverted U-shaped relationship between female institutional directors and pressure-resistant female directors and firm performance.
dc.language.iso eng
dc.relation.ispartof Journal of Business Ethics, 2016, vol. 152, num. 2, p. 343-363
dc.rights.uri info:eu-repo/semantics/openAccess
dc.source Pucheta Martínez, María Consuelo Bel Oms, Inmacualda Olcina Semepre, Gustau 2016 Female Institutional Directors on Boards and Firm Value Journal of Business Ethics 152 2 343 363
dc.subject Empreses Finances
dc.title Female Institutional Directors on Boards and Firm Value
dc.type info:eu-repo/semantics/article
dc.date.updated 2019-05-24T11:58:51Z
dc.identifier.idgrec 133021

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